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XPO Logistics is resuming the sale of its European supply chain business, according to a report from Bloomberg. The process had previously been paused due to the pandemic.The proceeds from the sale of the European supply chain business are estimated between $4- $4.5 billion. At the beginning of this year, XPO Logistics retained advisors to review strategic options which included the potential sale or spinoffs of the business units in North America and Europe.Citing people familiar with the matter, Bloomberg stated that XPO Logistics (XPO) had reached out to potential private equity and strategic buyers to try and sell the unit. Bloomberg also mentioned that no final decisions have been made and the logistics company could still decide to retain the business.XPO is one of the world’s largest freight brokerage providers and a top trucking group in Europe, where it holds a strong position in the e-commerce industry. However, pandemic-led weakness...
(Bloomberg) -- Italy’s Nexi SpA and SIA SpA are set to announce their merger after their boards meet Sunday to approve a deal to create one of Europe’s biggest payment providers, people familiar with the matter said.As part of the agreement, Nexi would approve a reserved capital increase for SIA shareholders, with no cash component, said the people, who asked not to be named because the talks are private. Nexi would hold about 70% of the merged company and SIA 30%, they said. Cassa Depositi e Prestiti SpA, SIA’s main investor, would have about 25% of the merged entity, the people said.Nexi and SIA spokespeople had no comment. The merger announcement could come soon as before the market opens on Monday, said the people. Newspaper Repubblica reported the news earlier.The firms wrapped up more than a year of negotiations over a combination as payment providers across Europe look for deals that...
China’s electric vehicle company NIO Inc (NIO) has just provided its September and third quarter 2020 delivery results. NIO delivered 4,708 vehicles in September 2020, a new monthly record representing a strong 133.2% year-over-year growth.
The deliveries consisted of 3,210 ES6s, its 5-seater high-performance premium smart electric SUV, 1,482 ES8s, the 6-seater and 7-seater flagship premium smart electric SUV, and 16 EC6s, the 5-seater premium electric coupe SUV.
Turning to the third quarter, NIO delivered a total of 12,206 vehicles, reflecting an impressive of 154.3% year-over-year and exceeding the higher end of the company’s quarterly guidance.
As of September 30, 2020, cumulative deliveries of the ES8, ES6 and EC6 reached 58,288 vehicles, of which 26,375 were delivered in 2020, the company added.
Shares in Nio fell 2.7% in Friday’s trading, with the stock up a whopping 427% year-to-date. Due to the stock’s explosive rally, the Street has a cautiously optimistic Moderate Buy consensus on NIO...
As the next 6-month low in gold approaches, I wanted to share some thoughts on where I believe the bull market in gold is headed. Any dip from here is considered a long-term buying opportunity....
Suncor Energy will layoff about 10%-15% of its employees due to a significant drop in oil prices, the impact of the pandemic and continued market volatility.Canada-based Suncor Energy (SU) had a total workforce of about 13,000 at the end of 2019. The layoffs will be carried out over the next one and a half years, including 5% cuts in the next six months.The company informed the employees of the restructuring through an internal conference call with CEO Mark Little. The layoffs will take place throughout the organization and will be a combination of layoffs, voluntary buyouts and early retirement.Suncor’s spokesperson Sneh Seetal said that the company was already implementing measures to improve its cost structure that would have led to a smaller workforce over time. But current events have accelerated the company’s cost reduction plans.Suncor had entered the year with an estimate to spend between $5.4 billion and $6 billion but...
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Shares of Ford Motor Company rose 2.1% on Friday after the automaker reported 3Q US sales data which reflects the industry’s stronger-than-expected recovery from the COVID-19 pandemic. The company noted that though its US auto sales fell 4.9% to 551,796 units year-on-year, it significantly outperformed an industry decline of 10%.Ford’s (F) 3Q sales data also reflected a robust sequential improvement of 27.2%. Strong demand for pickup trucks and sports utility vehicles mainly boosted the second-largest US automaker’s 3Q sales.The combined sales of F-Series and Ranger pickup trucks increased 4% to 249,997 units year-over-year. Sales for F-Series pickup trucks grew 3.5% while Ranger demonstrated an 8.2% growth. Deliveries for Ford’s sports utility vehicles – Explorer and LincoIn – grew 73.9% and 222%, respectively, on a year-over-year basis. (See F stock analysis on TipRanks).Mark LaNeve, Ford vice president, U.S. Marketing, Sales and Service said, “Despite the challenging pandemic environment, our retail unit sales...
